Saturday, January 21, 2012

S&P 500 - End of Week Analysis - Monthly channel breach?

S&P 500 - EOW Analysis - Week 16-20  Jan 2012.
We had observed last week (post here) that the price could break either of the channel lines it was between. Price closed above the red channel line which is the channel bottom of the monthly channel (from here). With 10 days to go for the month to end, bulls just need to keep it above the red line for monthly momentum to remain on their side.  Déjà vu ?